New York’s eight online legal sports betting operators had to come out of September thinking, “Now that’s more like it."
After recording revenue of $98.5 million in August, New York sportsbooks bounced back with $165.6 million in profits in September.
The 68% month-over-month increase is something they could see coming, though. Going from a smattering of college football and NFL preseason games in August to full-blown pigskin season in September always boosts business.
New York sports betting operators saw a 44% jump between the same months of 2022. Still, the sports betting handle was up 38% from September 2022.
New York exceeded the $1 billion handle mark for the 12th time in 13 months. Operators took in $1.76 billion of wagers in September, up 60% month-over-month.
The hold of 9.2% in September was up slightly from the 8.9% in August.
Online sports betting operators paid out $84.4 million, the most ever taxes the state has received.
DraftKings, FanDuel rule
DraftKings and FanDuel combined to eat up nearly $1.4 billion of New York’s monthly handle.
DraftKings alone brought in $710.5 million in wagers, up 60% from August 2023 and 68% from September 2022. Revenue for the month was $61.4 million, up nearly 75% month-over-month and 38% year-over-year.
FanDuel also benefited greatly from more wagering as it saw its handle rise from $422.2 million in September 2022 to $682.5 million in the same month this year. The online sportsbook brought in $76.9 million in revenue, the most in New York for the month.
Caesars finished September third in handle at $174 million while BetMGM hit $100 million for the first time since April to land the fourth spot in New York.
Weekly numbers
The week ending on Oct. 1 saw a 9.4% handle increase to $468.8 million. However, revenue fell more than 25% to $26.8 million because of a hold that dropped three points to 5.7%. It marked the third consecutive week of a win rate under double digits.
DraftKings brought in the highest amount of wagers for the week at $196.1 million but posted just a 5% hold. FanDuel enjoyed a 10% week-over-week boost to reach $176.8 million handle for the period ending Oct. 1 and led the state for the week in revenue with $15.9 million.
